COMBINED FINANCIAL STATEMENTS...Cash and cash equivalents 10 19,790 17,831 31,389 26,201 Total assets 59,245 53,907 FUND BALANCE AND LIABILITIES Non-current liabilities Due to Greenpeace

GREENPEACE INTERNATIONAL AND RELATED ENTITIES

COMBINED FINANCIAL STATEMENTS

Year ended 31 December 2015

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Contents Page: 2. Board report Combined Financial Statements 6. Combined Statement of Financial Position

7. Combined statement of profit or loss and comprehensive income for the year ended 31 December 2015

8. Combined Statement of Changes of Equity for the year

9. Combined Statement of Cash Flows for the year 10. Notes to the Combined Financial Statements Stichting Greenpeace Council Financial Statements 33. Stichting Greenpeace Council Company balance sheet for the year 34. Stichting Greenpeace Council Company Income Statement for the year 35. Stichting Greenpeace Council Statement of Changes of Equity for the year 36. Stichting Greenpeace Council Notes to the Financial Statements Other information 46. Appropriation of result

47. Independent auditors’ report

GREENPEACE INTERNATIONAL & RELATED ENTITIES Board report 2015

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Board Report The Board of Stichting Greenpeace Council and related entities hereby presents its financial statements for the year ended on 31 December 2015. General Information Greenpeace is a global campaigning network of independent organisations that act to change attitudes and behaviour, to protect and conserve the environment and to promote peace. Greenpeace comprises 26 independent national/regional organisations (NROs) in over 55 countries across Europe, the Americas, Africa, Asia and the Pacific, as well as a coordinating and enabling body, Greenpeace International. Stichting Greenpeace Council (SGC), a foundation (“Stichting”) registered and based in the Netherlands, is also known as Greenpeace International (GPI). It is governed by a Board that is elected by Trustees, with each NRO appointing one Trustee. Greenpeace International is managed by the International Executive Director (IED) and a Management Team consisting of key department and divisional directors. The SGC Board hereby presents the financial statements of GPI, along with five related entities, for the year ended 31 December 2015. General Information These financial statements refer to Greenpeace International and its related entities only. It does not include the independent national/regional Greenpeace organisations. A report on the achievements and performance of the Greenpeace network, ‘Global Annual Report’, is published separately. Greenpeace is independent from political and corporate interests. Our campaigns use non-violent, creative confrontation to expose global environmental problems, and to promote the solutions which are essential to a green and peaceful future. Greenpeace's goal is to ensure the ability of the Earth to nurture life in all its diversity. GPI monitors the organisational development of 26 independent Greenpeace organisations, manages our three ships, enables global campaigns, and monitors compliance with core policies. The NROs are independent organisations, based across the globe, which share common values and mission, and which campaign by themselves or in clusters to expose and resolve global environmental problems. In 2015 GPI continued the implementation of major changes in distributing the management and control of campaigns to Greenpeace NROs across the globe. This shift of resources and power is intended to make the Greenpeace network more responsive to environmental challenges and help to build joint campaigns in defence of the planet across countries, continents and oceans. Financial Information The financial position of the organisation remains strong with combined fund balances of EUR 38,605k (2014 EUR 31,797k). The net result for 2015 is a Surplus of EUR 6,808k (2014 EUR 811 Deficit), an improvement of EUR 7,619k since 2014, and in line with our overall reserves policy. Turnover of EUR 84,898k (2014: EUR 73,457k) increased significantly: due mainly to increases in contributions from National & Regional Organisations: we received GBP 4,008k (EUR 5,694k) as part of a one-off gift from Greenpeace UK, the other increases were due in particular to the weakening of the Euro which augmented the value of non-Euro contributions. Fundraising expenditure of EUR 5,434k (2014 EUR 5,265k) increased slightly due to the development of a Global Fundraising and Supporter Engagement system that will support NRO fundraising and engagement efforts. Grants and other support to National and Regional Organisations, campaign and campaign support expenditure of EUR 59,072k (2014 EUR 57,398k) increased mainly due to the increased support for National and Regional Organisations undertaking key environmental campaigns. As these grants are denominated in local currency the increase was also partly due to the weakening of the Euro.


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Organisational Support costs increased by 6.7% from EUR 12,428k (2014) to EUR 13,250k (2015) due to low inflation and changes in accounting for decommissioning of ships. In 2014 the organisation reported a Foreign Exchange gain of EUR 957k due primarily to unwinding losses reported on forward contracts entered into in 2013. No contracts were carried over into 2015: the EUR 169k loss is due to revaluation of balances (such as bank accounts) denominated in non-Euro currencies and the cost of transferring funds to National and Regional Organisations. Liquidity and Cash Flow Our cash position has improved with a net increase in cash and cash equivalents of EUR 1,959k from EUR 17,831k (2014) to EUR 19,790k. Increases in income were offset by redundancy costs provided for in 2013 as part of the distribution of the management and control of campaigns to NROs across the globe. Income for the year ahead is reasonably certain, with the main risks being our ability to receive timely funds from NROs in line with their regulatory requirements and exchange rate fluctuations. These are the key focus of financial management and cash flow is monitored regularly. Financial Performance Indicators Greenpeace International has a specific role in the global network of Greenpeace organisations. This structure makes GPI’s performance indicators harder to interpret. GPI’s role as a coordinating and enabling function for the global network of Greenpeace organisations would lead to any comparisons between support costs and direct costs to be less meaningful: the coordinating and enabling costs provide support to the Global Programme, not just GPI’s own programme.

Significant Risks and Uncertainties Major risks we face include: (1) securing contributions from Greenpeace National & Regional Organisations and (2) Uncertainty over Value Added Tax and other associated tax risks.

1) Funding from Greenpeace National & Regional Organisations GPI receives the bulk of its funding from contributions made by Greenpeace NROs. Each NRO makes a contribution based on an agreed Contribution model. This provides GPI with a secure and predictable funding stream in order to fulfil its role to act as a conduit for redistributing Greenpeace income to NROs according to global Greenpeace priorities; as well as coordinating the process of establishing the long-term organisational development plans for all NROs. The main risk related to this income is that many countries have specific tax and legal regulations that tie what tax exempt contributions can be spent on. To manage this risk and release funds GPI is required to produce funding agreements that show how tied funds are matched to our expenditure. This mitigates the risk that funds will not be received or will be received late.

2) Tax Risks Considering that the organisation is not subject to Dutch Corporation Tax, the organisation has not provided for tax on surpluses that arose in previous years. The organisation’s main tax risk concerns Value Added Tax. The tax authorities consider that although the organisation is a VAT taxable entity, its activities are generally not relevant for VAT purposes. Our main risk is that we do not have a definitive ruling on our tax status and are working with our Taxation Advisers (Ernst and Young) to clarify this.


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Environmental and personnel-related information Greenpeace is a network of independent campaigning organisations, which uses non-violent, creative confrontation to expose global environmental problems, and to promote the solutions which are essential to a green and peaceful future. GPI is acutely aware of the environmental impact of its own activities. We have an Environmental Manager who monitors and helps reduce GPI’s environmental impact and to support NROs in doing so as well. In addition GPI has targets for the reduction of Global Greenhouse Gas emissions. These targets and related information will be published in the Global Annual Report. GPI employed an average of 258 employees in 2015 (278 in 2014). This decline was primarily due to the implementation of the operating model which entailed that certain positions were removed at GPI, with some similar positions being created at NROs. Information Regarding Financial Instruments GPI’s main financial management risk relates to foreign exchange fluctuations. The contributions GPI receives from NROs and the grants GPI makes for the development of NROs are denominated in the currency of the NROs’ base country. In 2015 we engaged an independent treasury advisor to advise on how best to manage our foreign currency exchange risks. No derivative contracts were entered into during 2015 and none were in place at the start of 2015. Research and Development Activities GPI has a science unit whose role is to underwrite and strengthen the evidence base of campaigns. It does this by the provision and oversight of good scientific practice, effective communication of complex scientific and technical issues, quality control, acting as a radar for future issues / risks, and engaging in debate about the relationship between science and society. GPI has an investigations function whose role includes to build capacity for new ways of working among those involved in corporate / policy research and actions. Neither are directly similar to a traditional R&D function in a commercial organisation. As an enabling and coordinating organisation in a campaigning network, GPI’s activities in support of development (e.g. fundraising, mobilisation) are undertaken by the Global Engagement Department which supports NROs in how to best engage, recruit and develop supporters for Greenpeace campaigns as carried out by the NROs. Corporate Social Responsibility GPI campaigns to expose global environmental problems and so believes that its activities are directly linked to Corporate Social Responsibility. GPI has a strong focus on accountability and transparency in our activities and is a signatory to the INGO Accountability Charter. Other Information GPI has an Internal Audit function which monitors the compliance of GPI as well as all other Greenpeace NROs with global policies and procedures. Outlook We have no investments or derivative financial instruments. As GPI is funded directly by Greenpeace NROs, it does not directly engage in marketing efforts, but it does engage in supporting the development of fundraising performance of those organisations.


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Presentation of Accounts To comply with the Dutch tax requirements in view of the organisation’s charitable tax (‘ANBI’) status, and the Netherlands Civil Code, the organisation is required to publish the accounts for Stichting Greenpeace Council (SGC) separately from the consolidated accounts of Stichting Greenpeace Council with the related entities included. The consolidated accounts and notes are presented in pages 5 to 30, whereas the accounts for SGC only are presented in pages 32 to 46. Amsterdam, 30 June 2016 Greenpeace International Board

GREENPEACE INTERNATIONAL & RELATED ENTITIES Combined Statement of Financial Position as at 31 December 2015 post allocation of results

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Note 2015 2014 Eur’000 Eur’000 ASSETS Non-Current Assets Property and equipment Financial assets

Due from Greenpeace National and Regional Organisations

5 6 7

21,758 28

6,070

22,305 20

5,381

27,856 27,706 Current assets

Due from Greenpeace National and Regional Organisations

7

10,108

7,067

Inventories 8 273 331 Other assets 9 1,218 972 Cash and cash equivalents 10 19,790 17,831

31,389 26,201 Total assets 59,245 53,907 FUND BALANCE AND LIABILITIES Non-current liabilities

Due to Greenpeace National and Regional Organisations

11 3,843 4,923

Provisions 14 3,224 2,686 7,067 7,609 Fund balance 15 38,605 31,797 Current liabilities

Due to Greenpeace National and Regional Organisations

11 7,223 6,477

Other liabilities 12 4,740 4,998 Deferred income 13 200 671 Provisions 14 1,410 2,355 13,573 14,501 Total fund balance and liabilities 59,245 53,907 The notes on pages 10 to 31 form an integral part of these Financial Statements.

GREENPEACE INTERNATIONAL & RELATED ENTITIES Combined statement of profit or loss and comprehensive income for the year ended 31 December 2015

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Note

2015

2014 Eur’000 Eur’000 Eur’000 Eur’000 INCOME Contributions from Greenpeace National and Regional Organisations 18

82,166

70,649

Other Contributions and Donations 2,271 2,232 Interest Income 19 453 567 Other Income 8 9 Total income 84,898 73,457 EXPENDITURE

Grants and other support to National and Regional Organisations 21

26,733

24,283

Campaigns Oceans 2,529 2,066 Forests 3,343 3,825 Food For Life 1,744 1,509 Detox 1,415 896 Climate and Energy 4,270 4,818 Save the Arctic 3,565 3,159 22 16,866 16,273 Campaign Support 23 Media and Communications 3,297 4,961 Marine Operations and Action Support 12,176 11,872 15,473 16,833 Fundraising expenditure 20 5,434 5,265 Organisational Support 24 13,250 12,428 Interest Costs 26 165 143 Foreign exchange loss / (gain) 27 169 (957) Total of management and administration costs 13,584 11,614 Total expenditure 78,090 74,268 Surplus / (Deficit) 6,808 (811)

The notes on pages 10 to 31 form an integral part of these Financial Statements.

GREENPEACE INTERNATIONAL & RELATED ENTITIES Combined Statement of Changes in Equity for the year ended 31 December 2015

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2015 2014 Fund balance Fund balance Eur’000 Eur’000 At 1 January 31,797 32,608

Surplus / (deficit) for the year 6,808 (811)

At 31 December 38,605 31,797 The notes on pages 10 to 31 form an integral part of these Financial Statements.

GREENPEACE INTERNATIONAL & RELATED ENTITIES Combined Statement of Cash Flows for the year ended 31 December 2015

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Note 2015

2014

Eur '000

Eur '000

Cash Flows from Operating Activities Net Income (deficit)

6,808

(811) Add Expenses Not Requiring Cash:

Depreciation 5 2,302

2,500 Net finance costs 19-26 110

26

Foreign exchange result 27 276

(391)

Change in:

Inventories 8 58

60 Other assets 9 (246)

651

Due form Greenpeace National and Regional Organisations 7 (3,730)

2,049

Other liabilities 12 (258)

(1,669) Due to Greenpeace National and Regional Organisations 11 (334)

(1,189)

Provisions 14 (407)

2,772 Deferred income 13 (471)

459

Net Cash from Operating Activities

4,108

4,457

Cash Flows from Financing Activities

Interest (paid) received 19-26 (126)

(44) Foreign exchange gain (loss) realised. 27 (276)

391

Net Cash from Financing Activities

(402)

347

Cash Flows from Investing Activities

Additions to fixed assets 5 (1,755)

(1,331) Result from non-controlled interest 6 8

9

Net Cash Used for Investing Activities

(1,747)

(1,322)

Net increase/(decrease) in cash

1,959

3,482

Cash, beginning of year

17,831

14,349 Cash, end of year

19,790

17,831


GREENPEACE INTERNATIONAL & RELATED ENTITIES Notes to the Combined Financial Statements

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1. GENERAL

Greenpeace International and related entities are a combination of entities and organisations referred to in note 3. The objectives of each of these entities, together hereafter “the organisation”, include to promote both the conservation of the environment and peace. Activities undertaken by the organisation include enabling of Greenpeace campaigns worldwide, the management of the organisation's assets and the rendering of support to Greenpeace National & Regional Organisations in their development of campaigns. 2. BASIS OF PREPARATION

Going concern These financial statements have been prepared on the basis of the going concern principle. Statement of compliance These combined financial statements have been prepared under the International Financial Reporting Standards for Small & Medium-sized Entities (IFRS-SME), issued by the International Accounting Standards Board, and are in compliance with Part 9 of Book 2 of the Netherlands Civil Code. The IFRS-SME standards are a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and charitable organisations such as Greenpeace International and related entities. Basis of measurement The combined financial statements have been prepared on the historical cost basis except for the following: • Investments in associates have been valued under the equity method of accounting (refer to note 6); • Loans receivable have been measured at amortised cost (refer to note 7); • Receivables are valued at amortised cost less impairment losses (if applicable); • Derivative financial instruments are measured at fair value; • Liabilities are valued at amortised cost. Functional and presentation currency These combined financial statements are presented in Euros, which is the organisation’s functional currency. All financial information presented in Euros has been rounded to the nearest thousand. Use of estimates and judgements The preparation of financial statements in conformity with IFRS-SME requires management to exercise its judgement on estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenditure. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the combined financial statements, are described in the following notes: • Note 7 – Due from Greenpeace National & Regional Organisations; • Note 14 – Provisions & Contingent Liabilities.


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3. PRINCIPLES OF COMBINATION

Stichting Greenpeace Council (SGC) (“Greenpeace International”) is domiciled in the Netherlands and registered at the address of Ottho Heldringstraat 5, 1066 AZ Amsterdam. These combined financial statements have been prepared from the financial statements of SGC and other contractually related entities. All balances and transactions between these entities have been eliminated. Entities included in the combined financial statements for the year ended 31 December 2014 and 2015 for the organisation are summarised as follows: Name Place of Incorporation Stichting Greenpeace Council Amsterdam Stichting Phoenix Amsterdam Stichting Iris Amsterdam Stichting Rubicon Amsterdam Stichting Theseus Amsterdam Greenpeace Licensing B.V. Amsterdam Stichting Phoenix, Stichting Rubicon, Stichting Iris and Stichting Theseus are contractually related entities on which Stichting Greenpeace Council has the power to govern the financial and operating policies (IFRS SME 9.5 b) and which for accounting purposes are considered part of the organisation. Stichting Greenpeace Council owns 100% of the shares of Greenpeace Licensing B.V. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation Unless stated otherwise, assets and liabilities are shown at nominal value. An asset is disclosed in the balance sheet when it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably. A liability is recognised in the balance sheet when it is expected to result in an outflow from the entity of resources embodying economic benefits and the amount of the obligation can be measured with sufficient reliability. Income is recognised in the profit and loss account when an increase in future economic potential related to an increase in an asset or a decrease of a liability has arisen, the size of which can be measured reliably. Expenditure is recognised when a decrease in the economic potential related to a decrease in an asset or an increase of a liability has arisen, the size of which can be measured with sufficient reliability. If a transaction results in a transfer of future economic benefits and or when all risks relating to assets or liabilities transfer to a third party, the asset or liability is no longer included in the balance sheet. Assets and liabilities are not included in the balance sheet if economic benefits are not probable and / or cannot be measured with sufficient reliability. Revenues and expenses are allocated to the period to which they relate. Income is recognised when the organisation has transferred the significant risks and rewards of ownership of the goods to the buyer.


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Foreign currencies Transactions in foreign currencies are recorded using the rate of exchange prevaling at the first day of the month in which the transaction takes place. Assets and liabilities denominated in foreign currencies are translated into Euros using the prevalent exchange rates at 31 December 2015, with any differences being posted to the Statement of Comprehensive Income. The functional and reporting currency of each of the combined entities is the Euro. Derivative financial instruments For the organisation this refers to forward contracts in foreign currencies. These instruments as presented at fair value. The fair value of these instruments is measured based on the actual spot rate of the currencies at the reporting date and the difference with the agreed upon future exchange rate. The exchange rates are obtained from www.Oanda.com . No forward contracts were entered into or were extant during 2015.

1 Financial instruments General During the normal course of business, the organisation may use various financial instruments that expose it to market, currency, interest, cash flow, credit and liquidity risks. The organisation has strict policies which provide a framework for controlling these risks. Credit and cash-flow risk The organisation’s credit risk lies with the ability of supported National and Regional Organisations to repay the loans they received. Practically 100% of the receivables are with National and Regional Organisations. The operating model of Greenpeace as a network is that certain organisations commit resources they receive from their donors for local initiatives, but also fund the organisation to support global initiatives and those National and Regional Organisations that are unable to raise sufficient funds to support their campaigns. Although the National and Regional Organisations are independent, Greenpeace forms a group due to strong common goals: one of these is to support global efforts in pursuit of our objectives. The organisation is of strategic importance in the pursuit of these goals and the National and Regional Organisations will work together to create solutions in the event that a credit risk materialises. Another risk is the timing in respect of receiving the funding from the supporting National and Regional Organisations. This is due to meeting legislative requirements in various countries governing the charitable status of donations received. The organisation is fully aware of this and has dedicated resources available to monitor the cash flow and mitigate this risk. The organisation has successfully managed this risk. Interest rate risk The organisation has receivables and payables on which interest is calculated. These interest rates are agreed on favourable conditions for the National and Regional Organisations compared to market conditions. When market conditions change so will the interest rate change for new contracts and for some non-fixed contracts. The receivables and payables which carry interest are practically equal and constitute a natural hedge. It is the organisation’s opinion that the exposure to interest risks is minimal and does not require any additional instruments. The organisation will monitor the hedge and exposure on a regular basis to assess if further action is needed. When the market rate conditions differ from the conditions as laid down in the contracts with the National and Regional Organisations a fair value adjustment is calculated and accounted according to IFRS-SME standards.


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Currency risk The organisation is exposed to purchases, loans incoming and outgoing, payables and receivables, incoming and outgoing contributions to National and Regional Organisations that are denominated in a currency other than the respective functional currency, the Euro. During the financial year 2015 the organisation did not enter into new forward foreign currency contracts. No exchange contracts were outstanding at the end of 2014. The foreign currency exposure of the organisation is limited to the amounts not covered by the natural hedge of incoming and outgoing cash and the changes in assets and liabilities in foreign currency. The foreign currency exposure on the assets and liabilities included in the financial statements is detailed in the table below. Only exposures greater than EUR 25k are not shown in the table. The amounts that can not directly be reconciled with the amounts presented in the consolidated financial statements are the loans that are revalued based on IFRS-SME guidelines and the foreign currency amounts derived from the outstanding invoices in foreign currency as these only represent a portion of the total outstanding liabilities of this type. The net currency position (EUR) as of 31 December 2015 is presented below:

Property and equipment (i) Recognition and measurement Items of property and equipment are measured at historic cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, and any other costs directly attributable to bringing the asset to a location and condition for it to be capable of operating in the manner intended by management; and the cost of decommissioning or dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.

Assets Liabilities Net Position 5% 10% -5% -10%AUD 333 - 333 17 33 (17) (33)CAD 259 - 259 13 26 (13) (26)CHF 1,317 185 1,132 57 113 (57) (113)CLP 124 - 124 6 12 (6) (12)CNY 1,801 - 1,801 90 180 (90) (180)GBP 11,779 163 11,616 581 1,162 (581) (1,162)JPY 33 - 33 2 3 (2) (3)MXN 127 - 127 6 13 (6) (13)RUB 608 - 608 30 61 (30) (61)SEK 447 - 447 22 45 (22) (45)USD 507 589 (82) (4) (8) 4 8ZAR 54 - 54 3 5 (3) (5)

17,389 937 16,452 823 1,645 (823) (1,645)

EUR Weakens EUR Strengthens


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(ii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the organisation and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The cost of the day-to-day servicing of property and equipment is recognised in the Statement of Comprehensive Income as incurred. (iii) Depreciation Depreciation is recognised in the Statement of Comprehensive Income on a straight-line basis over the estimated useful lives of each part of an item of property and equipment. The estimated useful lives for the current and comparative periods are as follows:

Type of asset Freehold property 50 years Ships on an individual basis 10-30 years Ship equipment and inflatables 4 years Motor vehicles and office equipment 5 years Computer equipment 3 years Software 3 years

Depreciation methods, useful lives and residual values are reassessed at the reporting date and are adjusted prospectively, if appropriate. For 2015, the standard rates were applied across the organisation.

Non-current loans due from and due to Greenpeace National & Regional Organisations Loans due from, and due to, Greenpeace National & Regional Organisations are valued at amortised cost through the Statement of Comprehensive Income. The loans due to and from National and Regional Organisations include interest bearing and non-interest bearing loans denominated in several currencies. An adjustment has been made to loans where non-competitive commercial rates are being used. Inventories

Ships’ fuel on-board is recorded as inventory in the Statement of Financial Position as it is a consumable item. Inventories are valued at the lower of cost or market price as at 31 December 2015. Investment in associates Associates are those entities in which the organisation has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method (equity accounted investees). When the organisation’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the organisation has an obligation or has made payments on behalf of the investee. Refer to note 6 for details of investments in associates. Impairment - Non-financial assets The carrying amounts of the organisation’s non-financial assets are reviewed at each reporting date to determine whether there is any indication that the assets are impaired. If any such indication exists then the asset’s recoverable amount is estimated.


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An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the Statement of Comprehensive Income. The recoverable amount of an asset is the greater of its value in use and its amortised cost less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining amortised cost less costs to sell, an appropriate valuation model is used. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation, if no impairment loss had been recognised. No impairment losses have been recognised in 2015. Recoverability of amounts due from Greenpeace National & Regional Organisations The recoverability of amounts advanced to Greenpeace National & Regional Organisations to support the development of those organisations and to pursue the objectives of the Global Greenpeace Network, and the collectability of grants made by Greenpeace National or Regional Organisations to the organisation, is assessed at least annually. This assessment takes into account the financial position and future projections of the respective Greenpeace National or Regional Organisation. Receivables and payables The distinction between receivables and payables that are shorter and / or equal to 1 year or longer are respectively referred to as current and non-current. The individual notes should be read therefore as due within 1 year or due after 1 year. Provisions A provision is recognised if, as a result of a past event, the organisation has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the amount expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Contingent liabilities A contingent liability is a possible but uncertain obligation or a present obligation that is not recognised because it is unlikely that the organisation will be required to transfer economic benefits in settlement, and, or the amount of the obligation cannot be estimated reliably. Contributions from Greenpeace National & Regional Organisations Grants are recognised as income in the year for which the grants are agreed. Where a grant is made for a specific purpose, any excess of the grant over the relevant expenditure is accounted for as repayable to the donor.


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Other Grants and Donations An unconditional grant is recognised in the Statement of Comprehensive Income when the grant becomes receivable. Other grants are recognised when they are received and there is a reasonable assurance that the organisation will comply with the conditions associated with the grant. Grants that compensate the organisation for expenses incurred are recognised in the Statement of Comprehensive Income on a systematic basis in the same period in which the expenses are recognised. Grants that compensate the organisation for the cost of an asset and gifts in kind are recognised in Statement of Comprehensive Income on a systematic basis over the useful life of the asset. Interest Interest is accounted for on an accruals basis. Employee benefits

The organisation operates a defined contribution pension scheme for all salaried staff excluding ships' crew. The assets of the pension scheme are held separately from those of the organisation in an independently administered fund for which the organisation provides no guarantee. Pension premiums are calculated as a percentage (between 3.8% and 19.9%) of a person’s gross salary and are paid annually to the insurance company managing the pension scheme. Contributions payable to the organisation's pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.


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5. PROPERTY AND EQUIPMENT

Freehold property & leasehold

improvements

Ships and ships'

equipment

Hot air balloon &

motor vehicles

Communications

and office equipment, fixtures &

fittings

Total

Eur’000 Eur’000 Eur’000 Eur’000 Eur’000 Cost: At 1 January 217 39,080 1,547 7,441 48,285 Additions - 1,502 - 253 1,755 Disposals - - (1,483) - (1,483) At 31 December 217 40,582 64 7,694 48,557 Accumulated Depreciation:

At 1 January (69) (17,436) (1,547) (6,928) (25,980) Charge for the year (4) (2,007) - (291) (2,302) Disposals - - 1,483 - 1,483 At 31 December (73) (19,443) (64) (7,219) (26,799) Net book value: At 1 January 148 21,644 - 513 22,305 At 31 December 144 21,139 - 475 21,758

Cost of periodic major maintenance to buildings and equipment is capitalised. No provision is created for major maintenance. In 2016 the organisation will undertake a refurbishment of leased premises in Amsterdam in order to reduce the office space and rental. In 2016 the Arctic Sunrise will undergo a major refurbishment in order to meet new International Maritime Organisation and International Labour Organisation standards; and to extend its useful life until 2033. The organisation estimates the useful life and the present value of the capitalised decommissioning costs as follows:

Marine vessel Esperanza: useful life until 2021; capitalised decommissioning cost EUR 623k. Marine vessel Arctic Sunrise: useful life until 2033 (following refurbishment in 2016); capitalised decommissioning cost EUR 400k.

Marine vessel Rainbow Warrior III: useful life until 2041; capitalised decommissioning cost EUR 222k.


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6. FINANCIAL ASSETS The organisation has an investment representing a 25.6% interest in the entity that owns the building used by Greenpeace Belgium. The initial cost of the investment was EUR 80k. The value of the investment recorded in the accounts was depreciated to nil in 2005 in accordance with the equity method of accounting. In 2015 the entity made a profit of EUR 31k (2014: EUR 34k ) which has resulted in a positive equity at year end 2015 of EUR 28k. 7. DUE FROM GREENPEACE NATIONAL & REGIONAL ORGANISATIONS 2015

Non-current Current

Loans granted through the Fundraising Investment Fund

Loan Currency

Interest %

Eur’000 Eur’000

Greenpeace Canada CAD 0.40% 126 129 Greenpeace Andino CLP 0.30% - 116 Greenpeace Mexico MXN 0.30% 14 109 Greenpeace East Asia CNY 0.30% 995 - Greenpeace Greece EUR 0.30% 238 - Greenpeace Greece EUR 0.75% - 89 Greenpeace Mediterranean EUR 2.00% 131 - Greenpeace Mediterranean EUR 1.50% - 40 Greenpeace Mediterranean EUR 1.50% 289 53 Greenpeace Japan JPY 0.30% 32 - Greenpeace US USD 0.30% - 365 Greenpeace Africa ZAR 0.30% 23 26 Greenpeace Nordic SEK 0.75% - 353 Greenpeace South-East Asia THB 1.50% 1,848 1,280 Other loans granted Greenpeace Australia Pacific AUD 6.00% - 311 Greenpeace Russia RUB 0.00% 140 4 Greenpeace United Kingdom GBP 0.00% 3,277 - Greenpeace East Asia CNY 0.75% 805 - 4,222 315 Loans total 6,070 1,595 Current accounts - 8,513 Less: provision for uncollectable amounts - Total 6,070 10,108

Currencies used AUD Australian Dollar CLP Chilean Peso CNY Chinese Yuan EUR Euro GBP United Kingdom Pound JPY Japanese Yen MXN Mexican Peso NZD New Zealand Dollar RUB Russian Rouble


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SEK Swedish Krona THB Thai Baht USD United States Dollar

ZAR South African Rand 2014

Non-current Current


Loan Currency

Interest %

Eur’000 Eur’000

Greenpeace Central and Eastern Europe EUR 1.50% - 102 Greenpeace Andino CLP 1.50% - 159 Greenpeace East Asia CNY 1.50% - 126 Greenpeace Greece EUR 1.50% - 24 Greenpeace Greece EUR 0.75% 67 99 Greenpeace Italy EUR 1.00% - 96 Greenpeace Mediterranean EUR 2.00% 244 Greenpeace Mediterranean EUR 1.50% - 53 Greenpeace Mediterranean EUR 1.50% 37 - Greenpeace Mediterranean EUR 1.50% 375 - Greenpeace Nordic SEK 0.75% 338 363 Greenpeace South-East Asia THB 1.50% - 26 1,061 1,048 Other loans granted Greenpeace Australia Pacific AUD 6.00% 360 336 Greenpeace Russia RUB 0.00% 108 - Greenpeace East Asia CNY 0.75% 716 - Greenpeace United Kingdom GBP 0.00% 3,136 - 4,320 336 Loans total 5,381 1,384 Current accounts - 5,683 Less: provision for uncollectable amounts - - Total 5,381 7,067 Loans due from Greenpeace National & Regional Organisations

Eur’000

At 1 January 2015 6,765 New loans and additions 1,935 Interest 30 Repayments (1,656) Revaluation 591 At 31 December 2015 7,665


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Additional details of the loans are as follows: • The Fundraising Investment Fund is a tool to increase income and to invest in opportunities for growth,

long term returns and / or the opportunity to build priority National & Regional Organisations’ sustainability. The interest rates for Fundraising Investment Fund loans are set at the European Central Bank (ECB) Marginal Lending Facility rate. Normally repayment within a period of 24 months is agreed upon.

• The Greenpeace Russia interest free loan was made to help facilitate the purchase of an office by Greenpeace Russia. The loan is repayable in 24 equal annual instalments of Rouble (RUB) 370k and a final payment of RUB 43.5M in December 2030.

• The Greenpeace United Kingdom (Greenpeace UK) interest free loan was made to Canonbury Villas Ltd to help facilitate the repayment of a mortgage on the property of the Greenpeace UK office premises. The loan is repayable in April 2023.

• The loan to Greenpeace Australia Pacific is to help facilitate restructuring. The loan is bearing interest of 6% per annum and is repayable in 4 equal annual instalments of Australian Dollars (AUD) 500k, the first in December 2015 and the last in December 2018.

• The organisation does not foresee any uncollectable amounts. 8. INVENTORIES 2015 2014 Eur’000 Eur’000 Fuel 273 331 9. OTHER ASSETS

2015 2014 Eur’000 Eur’000 Prepayments 773 548 Other receivables 445 424 1,218 972

10. CASH AND CASH EQUIVALENTS 2015 2014 Eur’000 Eur’000 Cash on deposit 5,041 9,935 Cash in current accounts 14,749 7,896 19,790 17,831 The cash in current accounts includes a bank guarantee of EUR 85 k (2014: EUR 85 k) in respect of the organisation’s rental lease for the Amsterdam premises. There is another guarantee of INR 2,000,000 (EUR 28k) in respect of a bank overdraft.


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11. DUE TO GREENPEACE NATIONAL & REGIONAL ORGANISATIONS

Loans due to Greenpeace National & Regional Organisations

The details of the loans are as follows: • Greenpeace Germany: denominated in EUR and bearing interest of 1.5% per annum over the Euro

Interbank Offered Rate (currently 2.03% interest per annum). The loan is repayable in equal instalments over 10 years starting October 17, 2012. The German loan is made under the following conditions: • The loans are secured on the Rainbow Warrior III. • The ship may only be used for purposes consistent with Greenpeace Germany's charitable status.

Eur’000

At 1 January 2015 6,721 New loans and additions 4,219 Interest 162 Repayments (5,969) Revaluation (72) At 31 December 2015 5,061

2015 Loan Eur’000

Loans Currency Rainbow Warrior III loans Greenpeace Germany EUR 4,161 Greenpeace Switzerland CHF 184 Greenpeace United Kingdom GBP 147 Greenpeace US USD 569

Total loans 5,061 Current loans (1,218)

Non-current liabilities: Due to National and Regional Organisations > 5 years

734 Non-current liabilities: Due to National and Regional Organisations 1 – 5 years 3,109

3,843

Current loans 1,218 Current accounts payable 6,005 Current liabilities: Due to Greenpeace National & Regional Offices 7,223


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• Greenpeace United States: denominated in USD and bearing interest at the US prime rate. The loan is

repayable in equal annual instalments over 10 years starting October 17, 2012. Additional to the agreed repayment of USD 300k in October 2012 an early repayment of USD 1,421k was made in December 2012.

• Greenpeace Switzerland: denominated in CHF and bearing interest based on the Swiss “Post Finance”. The loan is repayable in equal annual instalments over 5 years starting October 17, 2012.

• Greenpeace United Kingdom: denominated in GBP and bearing interest at 0% per annum. The loan is repayable in equal annual instalments over 10 years starting October 17, 2012.

2014 Loan

Currency Eur’000

Rainbow Warrior III loans Greenpeace Germany EUR 4,904 Greenpeace Switzerland CHF 328 Greenpeace United Kingdom GBP 163 Greenpeace US USD 724 Other Loans Greenpeace New Zealand NZD 603 Total loans 6,721 Current loans (1,798) Non-current liabilities: Due to Greenpeace National & Regional Organisations

4,923

Current loans 1,798 Current accounts payable 4,679 Current liabilities: Due to Greenpeace National & Regional Organisations

6,477

Currencies used CHF Swiss Franc GBP Great British Pound NZD New Zealand Dollar USD United States Dollar

12. OTHER LIABILITIES – CURRENT

2015 2014 Eur’000 Eur’000 Accounts payable 1,760 1,749 Accrued liabilities 928 1,095 Taxation and social security 745 636 Employees 1,307 1,518 4,740 4,998 During the financial year 2015 the organisation did not enter into new forward foreign currency contracts and no contracts were open from prior years.


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13. DEFERRED INCOME 2015 2014 Eur’000 Eur’000 Prepayment on contribution 2015 200 671 200 671 Greenpeace International received in 2015 payments from Greenpeace National & Regional Organisations which are attributable to the contributional model (the organisation’s income) for the year 2016. These prepayments are recorded and presented as deferred income. 14. PROVISIONS Non-current provisions The organisation has three ships in operation. The present value of the balance of cost and yield for decommissioning is EUR 2,824k (2014: EUR 2,320k ). The organisation is a long-time advocate for upgrading the legal requirements for decommissioning to a more environmentally responsible level. The provision for decommissioning is based on these strict standards. The provision is based on the estimated decommissioning cost and life span of the ships and are re-assessed by management on a yearly basis. The organisation is also involved in several legal cases that are expected to run for several years. Non-current legal costs are provided for EUR 400k (2014: EUR 230k). See below for further details. The organisation has also made a provision for redundancies that are expected to be realised in 2016. Current provisions The organisation has been subject to claims as a result of legal proceedings. The organisation may on a case-by-case basis decide to help fund expenses (awarded claims and / or legal costs) that may arise in legal proceedings against the independent Greenpeace National & Regional Organisations. These claims, and the related legal costs have been accrued for, except where stated below, as the organisation believes, after obtaining the opinion of the organisation’s legal advisors, that it is either unlikely that these claims will be successful or it is not yet possible to assess the likelihood of the claims succeeding. Provisions

Includes EUR 3,224k in relation to non-current provisions. Legal Provisions These cases include the following:

1. The organisation is a co-defendant in a legal case in 2010. A legal provision for EUR 265k (2014: EUR 150k) is made in accordance with legal advice.

Eur’000 Eur’000 Eur’000 Eur’000 Eur’000 Legal Redundancy Decommissioning Royalties Total At 1 January 599 2,091 2,320 31 5,041 Additions 65 504 569 Amounts charged against the provision

(109) (845) (22) (976)

Unused amounts charged At 31 December 555 1,246 2,824 9 4,634


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2. The organisation has agreed to contribute to legal costs and liability in 3 long-lasting legal cases

against one of the National Organisations. The organisation has provided EUR 180k for legal costs (2014: EUR 150k).

3. The organisation has agreed to contribute to legal costs and liability in a legal case against one of the National Organisations dated June 2010. The claim for damages is unlikely to be rewarded. Greenpeace International has provided EUR 0k for legal costs (2014: EUR 120k).

4. The organisation is a co-defendant in a legal case. The judgement, dated September 2006, awarded damages for EUR 44k plus interest from the date of the suit and the claimant’s legal costs. A legal provision for EUR 100k (2014: EUR 110k) is made in accordance with legal advice.

5. The organisation is involved in several smaller cases that are expected to end within the next two

years. Current legal costs are provided for EUR 10k (2014: 68.5k). 15. FUND BALANCE ANALYSIS The organisation's reserves policy calls for sufficient available reserves to cover for contingent liabilities and other risks related to its operations. In this context, available reserves equal the fund balance less allocation for fixed assets (net book value) and less designated reserves held for future commitments. These commitments, liabilities and risks are assessed annually. The available reserves level is calculated as follows:

Fund balance as at 31 December 2015 2014

Eur’000 Eur’000

Decommissioning RWII 300 300

Financing fixed assets 21,758 22,305

Designated - 6,392

Free available reserve 16,547 2,800

Total fund balance 38,605 31,797

GPI has one reserve (the fund balance): − The fund balance increases with the positive result 2015 of EUR 6.8 million. An amount of

EUR 0.3 million will be used for the decommissioning of Rainbow Warrior II (RWII). This amount will not change as long as the RWII is still in use. The RWII is not an asset anymore of GPI, and therefore no provision is recognised for the decommissioning of this ship.

− Within the reserve, an of amount of EUR 21.8 million has been allocated for financing fixed assets. The decrease is the result of the decrease in the book value of the fixed assets with EUR 0.5 million.

− In 2014, an amount of EUR 6.4 million was designated for several activities in 2015. As at 31

December 2015, there are no separate designations for activities.


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16. OFF BALANCE SHEET LIABILITIES

CONTINGENT LIABILITIES

During 2011 the organisation gifted the former Rainbow Warrior II to Friendship, a NGO in Bangladesh. To take responsibility for decommissioning its former ship in accordance with the highest environmental standards, the organisation agreed to compensate the new owners for additional cost related to the highest standard decommissioning. With the asset no longer under control of the organisation, it no longer influences when the ship will be decommissioned and the condition it is in at the time. EUR 300k of the fund reserve is allocated to cover the cost. In some legal cases the organisation is involved in, it is either too early in proceedings or the outcome is too uncertain to provide for any expenses. These cases include a claim amounting to EUR 650k, which may be pursued in 2016.

COMMITMENTS UNDER OPERATING LEASES 2015

Eur’000 2014

Eur’000 Not later than one year 439 439 Later than one year but not later than 5 years 582 1,021 1,021 1,460 Commitments represent rent on office space at current values and the lease of office equipment.

1. The main rental lease expires on 30 June 2023 but we have an opt-out clause as of 2018; 2. A secondary rental lease for one floor of the Amsterdam office is on a rolling basis with a nine-

month notice period, notice on this was given in early 2016. 3. The office equipment lease expires on 30 June 2019, and 4. The mobile phone contract expires 28 February 2017.

17. DEPRECIATION

In the Combined Statement of Comprehensive Income is an amount of € 2,302K for depreciation included for the year 2015 (€ 2,500K for the year 2014).


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18. CONTRIBUTIONS FROM National and Regional Organisations

2015 2014 Eur’000 Eur’000 Greenpeace Andino 1,169 870 Greenpeace Australia 3,914 2,927 Greenpeace Belgium 1,864 1,557 Greenpeace Brazil - - Greenpeace Canada 1,766 1,695 Greenpeace Central and Eastern Europe 2,057 2,398 Greenpeace Czech Republic 32 27 Greenpeace East Asia 262 - Greenpeace France 4,687 4,170 Greenpeace Germany 19,536 23,031 Greenpeace Greece 68 96 Greenpeace India - - Greenpeace Italy 1,595 1,272 Greenpeace Japan 14 8 Greenpeace Luxembourg - 85 Greenpeace Mediterranean 612 204 Greenpeace Mexico 504 408 Greenpeace Netherlands 7,299 7,523 Greenpeace New Zealand 1,563 1,458 Greenpeace Nordic 5,783 5,313 Greenpeace Spain 2,290 1,854 Greenpeace Switzerland 9,836 6,823 Greenpeace United Kingdom 11,166 4,288 Greenpeace United States 6,149 4,642 82,166 70,649

19. INTEREST INCOME 2015 2014 Interest income consists of: Eur’000 Eur’000 Interest earned on cash holdings and loans to Greenpeace National Organisations

55 117

Adjusting loans to fair value 398 450 453 567 20. FUNDRAISING EXPENDITURE This expenditure is incurred principally to support Greenpeace National & Regional Organisations' fundraising efforts.


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21. GRANTS AND OTHER SUPPORT TO GREENPEACE National and Regional Organisations

2015 2014 Eur’000 Eur’000 Direct grants

Greenpeace Africa 2,860 2,596 Greenpeace Andino 36 210 Greenpeace Australia Pacific 339 339 Greenpeace Canada 66 - Greenpeace Central and Eastern Europe 500 500 Greenpeace Brazil 3,929 4,442 Greenpeace East Asia 6,854 5,398 Greenpeace Greece 68 96 Greenpeace India 1,387 1,392 Greenpeace Japan 768 554 Greenpeace Mediterranean 570 450 Greenpeace Mexico 531 480 Greenpeace Russia 1,795 1,936 Greenpeace Spain 51 - Greenpeace South East Asia 3,976 3,299 Greenpeace USA 2,528 2,028 26,258 23,721

Support Initiatives Greenpeace National & Regional Organisations 475 562 26,733 24,283 These reflect amounts due to Greenpeace NROs in 2015 in accordance with Organisational development plans. The actual amounts sent to NROs may vary.

22. CAMPAIGNS 2015 2014 Campaign costs consist of: Eur’000 Eur’000 Oceans 2,529 2,066 Forests 3,343 3,825 Food For Life 1,744 1,509 Detox 1,415 896 Climate and Energy 4,270 4,818 Save the Arctic 3,565 3,159 16,866 16,273 The organization spent EUR 0.6m more on campaigns, reflecting increased contributions to campaigns led by National and Regional Organisations.


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23. CAMPAIGN SUPPORT 2015 2014 Campaign support costs consist of: Eur’000 Eur’000 Marine Operations 10,741 10,095 Action Support 1,329 1,777 Communications and Media 3,175 4,679 Allocation of Property Costs 228 282 15,473 16,833

Property costs comprise office rent, management and equipment depreciation. They are apportioned across all departments based on headcount. (2015: 18%, 2014: 22%) Marine costs consist of costs related to actions EUR 1.3 M, Research EUR 0.1M and Ships EUR 10.8M. . The EUR 10.8M can be broken down as follows: Depreciation costs EUR 0.1M, running costs for the Esperanza EUR 3.2M, running costs for the Arctic Sunrise EUR 2.1M, running costs for the Rainbow Warrior III EUR 2.2M and support costs EUR 3.2M. 24. ORGANISATIONAL SUPPORT 2015 2014 Organisational support costs consist of: Eur’000 Eur’000 Information Technology 3,387 3,581 Human Resources & Training 3,361 2,544 Finance 2,536 2,947 Executive Director’s Office & Governance 1,763 1,166 Organisational Direction 368 436 Development 685 711 Strategic Project 193 321 Performance, Accountability & Learning 438 275 Miscellaneous including write-offs - - Allocation of Property Costs 519 447 13,250 12,428

Organisational support shows an increase mounting to EUR 0.8m which is mainly due to low inflation rates and increased charges for accounting for decommissioning of ships. Property costs comprise office rent, management and equipment depreciation. They are apportioned across all departments based on headcount. (2015: 39%, 2014: 35%). Legal support is considered an essential item of campaigning and are therefore apportioned across campaign support cost.

25. FEES KPMG ACCOUNTANTS Fees of KPMG Accountants recognised in the 2015 Financial Statements were EUR 54K for the audit of the Combined Financial Statements of Stichting Greenpeace Council and the single entity financial statements of Stichting Greenpeace Council (2015), 51K for other audit engagements and additional audit fee of EUR 31K relating to the 2014 Financial Statement audit (2014: EUR 116k including the recorded accrual of 71K in 2014).


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26. INTEREST COSTS 2015 2014 Interest paid consists of: Eur’000 Eur’000 Interest on loans 165 143

27. FOREIGN EXCHANGE LOSS / (GAIN) 2015 2014 Foreign exchange loss / (gain) consists of: Eur’000 Eur’000 Unrealised exchange differences on loans and interoffice balances (107) (566) Realised exchange differences 276 (391) 169 (957) 28. EMPLOYEES 2015 2014 Employees’ costs consist of: Eur’000 Eur’000 Salary costs 12,311 12,793 Social security costs 1,428 1,590 Pension costs 503 597 Redundancy costs 62 2,091 14,304 17,071 The pension costs are related to the organisation’s defined contribution pension plan. The employee costs stated above and associated average employee numbers are included in the Campaigns, Campaign Support and Organisational support headings of the Statement of Comprehensive Income and are related only to employees of entity Stichting Greenpeace Council. The organisation employed an average of 258 employees during 2015 (2014: 278) of which 125 (2014: 105) were outside of The Netherlands. International employees The costs and numbers of staff members in a GPI role who are on an employment contract with a Greenpeace National & Regional Organisation are not included in the above disclosure but are included, however, in the expenditure headings of the Statement of Comprehensive Income. 29. COMPENSATION OF BOARD MEMBERS AND REMUNERATION OF SENIOR MANAGEMENT

TEAM

The Chair and Members of the Greenpeace International Board do not receive a salary, but their expenses are refunded and they receive a compensation (attendance fee) for time spent on activities such as board meetings and preparation. The compensation model is based on a ruling of the Dutch tax authorities. The Board of Greenpeace International received compensation during 2015 of a total of EUR 85k (EUR 90k in 2014); the Board Chair received EUR 29k, three Board Member received EUR 10k and the other Board Members received respectively EUR 9k, EUR 6k, EUR 6k and EUR 5k. The Board Members


30

would have been entitled to a higher compensation based on the time spent, but the amounts have been capped at these levels by GPI. The 2 directors of the other entities received compensation during 2015 of a total of EUR 7k (EUR 7k in 2014). Both directors received the same compensation which can be split as follows: The International Executive Director of Greenpeace International received total emoluments of EUR 138k including salary of EUR 121k, employer’s social charges and pension contribution of EUR 16k and other benefits to the value of EUR 1k. In 2014, the International Executive Director received total emoluments of EUR 140k, including salary of EUR 119k, employer’s social charges and pension contribution of EUR 18k and other benefits to the value of EUR 3k. The International Executive Director and the Management Team are paid emoluments commensurate with their level of responsibility. In total, emoluments of EUR 914k (EUR 724k in 2014) were paid to the other members of the Management Team in 2015. The additional cost was driven in part by the addition of the International Deputy Director position. These emoluments may be summarised as follows: 2015 2014 Eur’000 Eur’000 Salaries 765 604 Employers’ cost social charges 39 47 Pension 57 60 Other Benefits 53 13 Total 914 724 30. STATEMENT OF CASH FLOWS

Greenpeace International uses the indirect methodology to present the cash flow from operating activities. The difference between the operating activities as shown in the “Combined Statement of Comprehensive Income” and the “Combined Statement of Cash Flows” are the transactions not settled in cash but accounted for in the balance sheet via the intercompany accounts with the regional offices, deferred income account, prepayments account, accruals and provisions.

Entity, amounts in EUR Total Director 1 Director 2 Total Director 1 Director 2

Stichting Theseus 2,000 1,000 1,000 2,000 1,000 1,000 Stichting Rubicon 2,000 1,000 1,000 2,000 1,000 1,000 Stichting 2,000 1,000 1,000 2,000 1,000 1,000 Stichting Iris 1,000 500 500 1,000 500 500 Total 7,000 3,500 3,500 7,000 3,500 3,500

2015 2014


31

31. RELATED PARTY TRANSACTIONS In the ordinary course of its international activities, the organisation reimburses National and Regional Organisations for campaign and other expenses incurred on its behalf. Total costs reimbursed for the year 2015 amounted to EUR 14,886k (2014: EUR 14,923k). The expenditure of Greenpeace National & Regional Organisations is not included in these combined financial statements. To the best knowledge of the organisation there are no material related party transactions that require disclosure other than the balances referred to in notes 6, 7, 11, 18, 19, 20 & 21. All related party loans/transactions are at arm’s length except where specifically mentioned in notes 7 and 11.

STICHTING GREENPEACE COUNCIL

32

Pages 33 - 46 contain the financial statements for the single entity

Stichting Greenpeace Council

Year ended 31 December 2015

STICHTING GREENPEACE COUNCIL Company balance sheet as at 31 December 2015 post allocation of results

33

Note 2015 2014 Eur’000 Eur’000 ASSETS Non-Current Assets Property and equipment Financial assets Due from National and Regional Organisations

3 4 5

524 28

2,654

550 20

2,137

3,206 2,707 Current assets

Due from National and Regional Organisations 5 10,103

7,067

Inventories 6 273 331 Due from other Greenpeace International Entities 20,286 26,044

Other assets 7 1,188 737 Cash and cash equivalents 8 12,401 6,005

44,251 40,184 Total assets 47,457 42,891 FUND BALANCE AND LIABILITIES Current liabilities Due to National and Regional Organisations 9 7,223 6,477 Other liabilities 10 4,418 4,693 Deferred income 11 200 671 Provisions 12 1,401 2,325 13,242 14,166 Non-current liabilities Due to National and Regional Organisations 9 3,843 4,923 Provisions 12 400 365 4,243 5,288 Fund balance 13 29,972 23,437 Total fund balance and liabilities 47,457 42,891 The notes on pages 36 to 46 form an integral part of these Financial Statements.

STICHTING GREENPEACE COUNCIL Company Income Statement for the year ended 31 December 2015

34

Note

2015

2014 Eur’000 Eur’000 Company result of Greenpeace Council 13 6,535 (894) Total Income less fundraising expenditure 6,535 (894) The notes on pages 36 to 46 form an integral part of these Financial Statements.

STICHTING GREENPEACE COUNCIL Statement of Changes in Equity for the year ended 31 December 2015

35


2015 2014 Fund balance Fund balance Eur’000 Eur’000 At 1 January 23,437 24,331

Surplus / (deficit) for the year 6,535 (894)

At 31 December 29,972 23,437

STICHTING GREENPEACE COUNCIL Notes to the financial statements

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1. GENERAL

The separate financial statements are part of the 2015 combined financial statements of the Greenpeace International and Related Entities. In so far as no further explanation is provided of items in the separate Statement of Financial Position and the separate Statement of Comprehensive Income, please refer to the notes in the consolidated Statement of Financial Position and the separate Statement of Comprehensive Income. 2. ACCOUNTING POLICIES

The financial statement of Stichting Greenpeace Council have been prepared under Accounting Standards as described in Part 9 of Book 2 of the Netherlands Civil Code The Stichting’s income statement has been drawn up using the exemption of 402 of part 9, book 2 of the Netherlands Civil Code. There are no financial fixed assets included in stand alone financial statements regarding Stichting Phoenix, Stichting Rubicon, Stichting Iris and Stichting Theseus. These are contractually related entities on which Stichting Greenpeace Council has the power to govern the financial and operating policies (IFRS SME 9.5 b) and which for accounting purposes are considered part of the organisation, but these entities are not legally owned by Stichting Greenpeace Council. Stichting Greenpeace Council owns 100% of the shares of Greenpeace Licensing B.V. This entity has been treated as immaterial for the stand alone financial statements.

3. PROPERTY AND EQUIPMENT

Ships and

ships' equipment

Communications and office

equipment, fixtures & fittings

Total

Eur’000 Eur’000 Eur’000 Cost: At 1 January 1,975 7,806 9,781 Additions 59 253 312 At 31 December 2,034 8,059 10,093 Accumulated Depreciation: At 1 January (1,940) (7,291) (9,231) Charge for the year (46) (292) (338) At 31 December (1,986) (7,583) (9,569) Net book value: At 1 January 35 515 550 At 31 December 48 476 524


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4. FINANCIAL ASSETS

The organisation has an investment representing a 25.6% interest in the entity that owns the building used by Greenpeace Belgium. The initial cost of the investment was EUR 80k. The value of the investment recorded in the accounts was depreciated to nil in 2005 in accordance with the equity method of accounting. In 2015 the entity made a profit of EUR 31k (2014: EUR 34k) which has resulted in a positive equity at year end 2015 of EUR 28k. 5. DUE FROM GREENPEACE NATIONAL & REGIONAL ORGANISATIONS

2015

Non-current Current


Loan Currency

Interest %

Eur’000 Eur’000

Greenpeace Central & Eastern Europe EUR 1.50% - - Greenpeace Africa ZAR 0.30% 23 26 Greenpeace Andino CLP 1.50% - 116 Greenpeace Canada CAD 0.40% 126 129 Greenpeace East Asia CNY 0.30% 995 - Greenpeace Greece EUR 0.75% - 89 Greenpeace Greece EUR 0.30% 238 - Greenpeace Italy EUR 1.00% - - Greenpeace Japan JPY 0.30% 32 - Greenpeace Mediterranean EUR 2.00% 131 - Greenpeace Mediterranean EUR 1.50% - 40 Greenpeace Mediterranean EUR 1.50% 289 53 Greenpeace Mediterranean EUR 1.50% - - Greenpeace Mexico MXN 0.30% 14 109 Greenpeace Nordic SEK 0.75% - 353 Greenpeace Southeast Asia THB 1.50% - - Greenpeace USA USD 0.30% - 364 1,848 1,279 Other loans granted Greenpeace Australia Pacific AUD 6.00% - 311 Greenpeace East Asia CNY 0.75% 806 - Loans Total 2,654 1,590 Current accounts - 8,513 Less: provision for uncollectable amounts - - Total 2,654 10,103

Currencies used AUD Australian Dollar BRL Brazilian Real CLP Chilean Peso CHF Swiss Franc CNY Chinese Yuan EUR Euro GBP Great British Pound NZD New Zealand Dollar RUB Russian Rouble SEK Swedish Krona


38

THB Thai Baht USD United States Dollar

ZAR South Africa Rand 2014

Non-current Current


Loan Currency

Interest %

Eur’000 Eur’000

Greenpeace Brazil BRL 1.50% - - Greenpeace Central & Eastern Europe EUR 1.50% - 102 Greenpeace Chile Andino CLP 1.50% - 159 Greenpeace East Asia CNY 1.50% - - Greenpeace East Asia CNY 1.50% - - Greenpeace East Asia CNY 1.50% - 126 Greenpeace Greece EUR 1.50% - 24 Greenpeace Greece EUR 0.75% 67 99 Greenpeace Italy EUR 1.75% - - Greenpeace Italy EUR 1.00% - 96 Greenpeace Mediterranean EUR 2.00% 244 - Greenpeace Mediterranean EUR 1.50% - 53 Greenpeace Mediterranean EUR 1.50% 37 - Greenpeace Mediterranean EUR 1.50% 375 - Greenpeace Nordic SEK 0.75% 338 363 Greenpeace Southeast Asia THB 1.50% - 26 Greenpeace Spain EUR 2.25% - - 1,061 1,048 Other loans granted Greenpeace Australia Pacific AUD 6.00% 360 336 Greenpeace East Asia CNY 0.75% 716 - 1,076 336 Loans total 2,137 1,384 Current accounts - 5,683 Less: provision for uncollectable amounts - - Total 2,137 7,067 Loans due from Greenpeace National & Regional Organisations

Eur’000 At 1 January 3,521 New loans and additions 1,935 Interest 30 Repayments (1,651) Revaluation 409 At 31 December 4,244


39

Additional details of the loans are as follows: • The Fundraising Investment Fund is a tool to increase income and to invest in opportunities for growth,

long term returns and/or the opportunity to build priority National & Regional Organisations’ sustainability. The interest rates for Fundraising Investment Fund loans are set at the ECB Marginal Lending Facility rate. Normally repayment within a period of 24 months is agreed upon.

• The loan to Greenpeace Australia Pacific is to help facilitate restructuring. The loan is bearing interest of 6% per annum and is repayable in 4 equal annual instalments of AUD 500k, the first in December 2015 and the last in December 2018.

• Stichting Greenpeace Council does not foresee any uncollectable amounts. 6. INVENTORIES

2015 2014 Eur’000 Eur’000 Fuel 273 331 7. OTHER ASSETS

2015 2014 Eur’000 Eur’000 Prepayments 754 484 Other receivables 434 253 1,188 737

8. CASH AND CASH EQUIVALENTS 2015 2014 Eur’000 Eur’000 Cash on deposit 159 159 Cash in current accounts 12,242 5,846 Cash in forward exchange contracts margin account - - 12,401 6,005 The cash in current account includes a bank guarantee of EUR 85k (2014: EUR 85k) in respect of the Stichting Greenpeace Council rental lease.


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9. DUE TO GREENPEACE NATIONAL & REGIONAL ORGANISATIONS

2015 Loan

Currency Eur,000

Rainbow Warrior III loans Greenpeace Germany EUR 4,161 Greenpeace Switzerland CHF 184 Greenpeace United Kingdom GBP 147 Greenpeace US USD 569 Other Loans 5,061 Greenpeace New Zealand NZD - Total loans 5,061 Current loans 1,218 Non-current liabilities: Due to Greenpeace National & Regional Organisations

3,843


7,223

Loans due to Greenpeace National & Regional Organisations

The details of the loans are as follows: • Greenpeace Germany: denominated in EUR and bearing interest of 1.5% per annum over the Euro

Interbank Offered Rate (currently 2.03% interest per annum). The loan is repayable in equal instalments over 10 years starting October 17, 2012. The German loan is made under the following conditions: • The loans are secured on the Rainbow Warrior III. • The ship may only be used for purposes consistent with Greenpeace Germany's charitable status.

• Greenpeace United States: denominated in US Dollars and bearing interest at the US prime rate. The loan is repayable in equal annual instalments over 10 years starting October 17, 2012. . Additional to the agreed repayment of US Dollars 300k in October 2012 an early repayment of US Dollars 1,421k was made in December 2012.

• Greenpeace Switzerland: denominated in Swiss Francs and bearing interest based on the Swiss “Post Finance”. The loan is repayable in equal annual instalments over 5 years starting October 17, 2012.

• Greenpeace United Kingdom: denominated in British Pounds and bearing interest at 0% per annum. The loan is repayable in equal annual instalments over 10 years starting October 17, 2012.

Eur’000

At 1 January 2015 6,721 New loans and additions 4,219 Interest 162 Repayments (5,969) Revaluation (72) At 31 December 2015 5,061


41

2014 Loan

Currency Eur’000

Rainbow Warrior III loans Greenpeace Germany EUR 4,904 Greenpeace Switzerland CHF 328 Greenpeace United Kingdom GBP 162 Greenpeace US USD 724 Other Loans Greenpeace New Zealand NZD 603 Total loans 6,721 Current loans 1,798 Non-current liabilities: Due to Greenpeace National & Regional Organisations

4,923


6,477

Currencies used CHF Swiss Franc EUR Euro GBP Great British Pounds NZD New Zealand Dollar USD United States Dollar

10. OTHER LIABILITIES – CURRENT

2015 2014 Eur’000 Eur’000 Accounts payable 1,414 1,499 Accrued liabilities 898 955 Taxation and social security 799 721 Employees 1,307 1,518 4,418 4,693


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11. DEFERRED INCOME 2015 2014 Eur’000 Eur’000 Prepayment on contribution 2015 200 671 Other - - 200 671 Greenpeace International received in the year 2015 payments from Greenpeace National & Regional Organisations which are attributable to the contribution model for the year 2015. These prepayments are recorded and presented as deferred income. 12. PROVISIONS & CONTINGENT LIABILITIES

Non-current provisions Greenpeace International is involved in several legal cases that are expected to run for several years. Non-current legal costs are provided for EUR 400k (2014: EUR 230k). See below for further details. Current provisions Greenpeace International has been subject to claims as a result of legal proceedings. Greenpeace International may on a case by case decide to help fund expenses (awarded claims and/or legal costs) that may arise in legal proceedings against the independent Greenpeace National & Regional Organisations. These claims and the related legal costs have been accrued for, except where stated below, as the organisation believes, after obtaining the opinion of Greenpeace International’s legal advisors, that it is either unlikely that these claims will be successful or it is not yet possible to assess the likelihood of the claims succeeding. Legal and other provisions

Includes EUR 400k in relation to non-current provisions. These cases include the following:

1. Greenpeace International is a co-defendant in a legal case in 2010. A legal provision for EUR 265k (2014: EUR 150k) is made in accordance with legal advice.

2. Greenpeace International has agreed to contribute to legal costs and liability in 3 long-lasting legal

cases against one of the National Organisations. Greenpeace International has provided EUR 180k for legal costs (2014: EUR 150k).

3. Greenpeace International has agreed to contribute to legal costs and liability in a legal case against one of the National Organisations dated June 2010. The claim for damages is unlikely to be rewarded. Greenpeace International has provided EUR 0k for legal costs (2014: EUR 120k).

Eur’000 Eur’000 Eur’000 Legal Redundancy Total At 1 January 599 2,091 2,690 Additions 65 65 Amounts charged against the provision (109) (845) (954) Unused amounts charged At 31 December 555 1,246 1,801


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4. Greenpeace International is a co-defendant in a legal case. The judgement, dated September 2006, awarded damages for EUR 44k plus interest from the date of the suit and the claimant’s legal costs. A legal provision for EUR 100k (2014: EUR 110k) is made in accordance with legal advice.

5. Greenpeace International is involved in several smaller cases that are expected to end within the

next two years. Current legal costs are provided for EUR 10k (2014: EUR 68k). 13. FUND BALANCE ANALYSIS

Greenpeace International's reserves policy calls for sufficient available reserves to cover for contingent liabilities and other risks related to its operations. In this context, available reserves equal the fund balance less allocation for fixed assets (net book value) and less designated reserves held for future commitments. These commitments, liabilities and risks are assessed annually. The available reserves level is calculated as follows:

2014 Additions Deductions Release 2015 Eur’000 Eur’000 Eur’000 Eur’000 Eur’000 Total Fund Balance 23,437 6,535 29,972 Less: Fixed assets (550) (312) 338 (524) Less: Designated Reserves (6,392) (207) 4,999 1,600 - Available reserves 16,495 6,016 5,337 1,600 29,448

Designated reserves

§ In 2016 we propose to not reserve specifically for future planned capital investments (2015 EUR 4,747k) and for investment reserved to support the future implementation of Greenpeace global strategic initiatives (2015 EUR 1,600k) as these will be funded out of current revenue.

§ In 2015, we expended the reserve (EUR 45k) for Arctic 30 expenditure which covered expenditure

relating to the Arctic Sunrise ship and support Greenpeace Russia following the seizure of the ship in September 2013. Any ongoing costs will be met from ordinary revenue.

Difference between Combined Financial Statements and Stichting Greenpeace Council Fund Balance

The difference between the fund balance of the Combined Financial Statements and Stichting Greenpeace Council lies in the result of the Financial Statements of Stichting Phoenix, Stichting Iris, Stichting Rubicon, Stichting Theseus and Greenpeace Licensing BV.


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14. OFF BALANCE SHEET LIABILITIES

CONTINGENT LIABILITIES In some legal cases Stichting Greenpeace Council is involved in, it is either too early in proceedings or too uncertain as to the outcome to provide for any expenses. These cases include the following:

• Greenpeace International is currently facing a claim amounting to EUR 650k, which may be pursued in 2016.

• Greenpeace International is currently involved in a legal case in one of the Greenpeace National & Regional Organisation where the original damages could potentially be EUR 1,400k. Proceedings are ongoing, but it is too early to predict the outcome.

COMMITMENTS UNDER OPERATING LEASES

2015 Eur’000

2014 Eur’000

Not later than one year 439 439 Later than one year but not later than 5 years 582 1,021 1,021 1,460 Commitments represent rent on office space at current values and the lease of office equipment.

1. The main rental lease expires on 30 June 2023 but we have an opt-out clause as of 2018; 2. A secondary rental lease for one floor of the Amsterdam office is on a rolling basis with a nine-

month notice period, notice on this was given in early 2016. 3. The office equipment lease expires on 30 June 2019, and 4. The mobile phone contract expires 28 February 2017.

15. RELATED PARTY TRANSACTIONS

In the ordinary course of its international activities, the organisation reimburses Greenpeace National & Regional Organisations for campaign and other expenses incurred on its behalf. Total costs reimbursed for the year 2015 amounted to EUR 14,886k (2014: EUR 14,923k). The expenditure of Greenpeace National & Regional Organisations is not included in these combined financial statements. To the best knowledge of the organisation there are no material related party transactions that require disclosure other than the balances referred to in notes 2, 3, 7 & 14. All related party loans/transactions are at arms length except where specifically mentioned in notes 3 and 7.


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APPROVAL OF FINANCIAL STATEMENTS Ed Harrington, Treasurer Jennifer Morgan

Bunny McDiarmid, International Executive Directors Amsterdam, 30 June 2016 Amsterdam, 30 June 2016 Ana Toni, Board Chair Frank Guggenheim (stepped down in June 2015) Ed Harrington, Treasurer Irmi Mussack (stepped down in June 2015) Thuli Makama Athena Ronquillo-Ballesteros (appointed May 2015) Michael Hammer (appointed November 2015) Ravi Rajan (appointed June 2015)

STICHTING GREENPEACE COUNCIL Other information

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Appropriation of result The Board has approved the allocation of the result of a surplus of EUR 6,808k to the fund balance from the combined entity and EUR 6,535k to the fund balance of Stichting Greenpeace Council. Subsequent Events On 31 May 2016, in a United States District Court a federal lawsuit was filed against Greenpeace International. As of this date Greenpeace International has not been served with the federal lawsuit and an estimate cannot be made of the potential financial effect. There are no further subsequent events post 31 December 2015 that affect either the Combined Financial Statements or the Financial Statements of Stichting Greenpeace Council.


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Independent auditor’s report To: the Board of Directors of Stichting Greenpeace Council Report on the financial statements We have audited the accompanying financial statements 2015 of Stichting Greenpeace Council, Amsterdam. The financial statements include the combined financial statements and the foundation’s financial statements. The combined financial statements comprise the combined statement of financial position as at 31 December 2015, the combined statement of comprehensive income, changes in equity and cash flows for the year then ended and the notes, comprising a summary of the significant accounting policies and other explanatory information. The foundation’s financial statements comprise the foundation statement of financial position as at 31 December 2015, the statement of comprehensive income for the year then ended and the notes, comprising a summary of the accounting policies and other explanatory information. The Board of Directors’ responsibility The Board of Directors is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards for Small and Medium Sized Entities and with Part 9 of Book 2 of the Netherlands Civil Code, and for the preparation of the Board report in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Furthermore, the Board of Directors is responsible for such internal control as it determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the foundation’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the foundation’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion with respect to the combined financial statements In our opinion, the combined financial statements give a true and fair view of the financial position of Stichting Greenpeace Council as at 31 December 2015 and of its result and its cash flows for the year then ended in accordance with International Financial Reporting Standards for Small and Medium Sized Entities and with Part 9 of Book 2 of the Netherlands Civil Code.


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Opinion with respect to the foundation financial statements In our opinion, the foundation financial statements give a true and fair view of the financial position of Stichting Greenpeace Council as at 31 December 2015 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code. Report on other legal and regulatory requirements Pursuant to the legal requirements under Section 2:393 sub 5 at e and f of the Netherlands Civil Code, we have no deficiencies to report as a result of our examination whether the Board report, to the extent we can assess, has been prepared in accordance with Part 9 of Book 2 of this Code, and whether the information as required under Section 2:392 sub 1 at b - h has been annexed. Further, we report that the directors’ report, to the extent we can assess, is consistent with the financial statements as required by Section 2:391 sub 4 of the Netherlands Civil Code. Amstelveen, 30 June 2016 KPMG Accountants N.V. E. Breijer RA

Documents

COMBINED FINANCIAL STATEMENTS...Cash and cash equivalents 10 19,790 17,831 31,389 26,201 Total assets 59,245 53,907 FUND BALANCE AND LIABILITIES Non-current liabilities Due to Greenpeace